I am accumulating a few of these Magellan Options in the 70-80c price range. If Magellan bounces back these could be good. I like that they have 5 years to do so.
The options were offered on a 1 per 8 basis to existing shareholders in April 2022. "Eligible shareholders will receive one (1) Option for every eight (8) shares held at 5:00pm (AEST) on 7 April 2022 (“Record Date”). Each Option will provide shareholders with the right, but not the requirement, to purchase one Magellan share at an exercise price of $35.00 per Option, expiring on 16 April 2027."
Magellan Finance is down from a high of $75, in Feb 202 (just before Covid hit) to an all time low (bottom?) of $11.50 in July 2022. That 85% down!! Currently the head shares are trading around $14.50 (Approx. 40% of $35.00).
REUTERS: For the six months ended 31 December 2021, Magellan Financial Group Ltd revenues increased 21% to A$398.9M. Net income increased 24% to A$251.6M. Revenues reflect Funds Management segment increase of 13% to A$367.1M, Principal investments segment increase from A$7.2M to A$33.6M, Australia & New Zealand segment increase of 18% to A$230.3M, Northern America segment increase of 7% to A$47.5M.
I won't be accumulating too many before the six month results to 30 June 2022 come out.
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